Are your referral sources missing the boat?
A traditional mortgage broker called her saying “there’s just not enough money in the new reverse mortgage so I told her we can’t help”. Are your referral sources closing the doors to a potential client unnecessarily? Where do you begin? (There is no transcript for this episode)
8 Comments
One of your best yet, Shannon.
Always ask your client “What are you trying to accomplish?” Same with your referral source just exactly as you said. Then when you walk in the door, you will be prepared to make the “right” presentation to that particular borrower.
Thank you Dick. Still enjoying your unique business card that sits on my desk.
Shannon,
What you outlined are very good points of the past that made us successful!
Dig, dig and dig for the need and the facts. Once we discover the true need of our potential borrower, we have half the battle won.
You are right, the PLF is what it if for now any way, we can live with it and go forward or allow it to block us physiologically!
Which way does your audience want to go, I feel I know which way they should go Shannon, but will they?
Thanks for your Friday thought for the day, it was well appreciated!
John A. Smaldone
http://www.hanover-financial,com
Thank you my friend.
Spot on Shannon – excellent – thank you for sharing!
Thank you David.
Shannon,
Experience is the best trainer. While we need some original training, it is by error we learn the most the fastest. The originator who spoke with you will never forget, don’t lead with the negative.
A decade ago, I had one lead that I was going to write off. He needed over $200,000 to close the loan. The lead came from a phone call that I thought was out of the blue. I did a loan comparison schedule despite realizing this guy could not get a HECM or Cash Account. He told me I had get to his house before things got worse. I thought it was a waste of time but my wife and I went anyway.
It turns out he was an avid reader of an article I wrote on HECMs for a Southern California senior magazine with a circulation of over 250,000. He had learned from all people, me, that principal limits change with age, the expected interest rate, and the value of the home. He also knew as a homeowner a few blocks from the Santa Anita Race Track that his home was worth more than the current FHA lending limit for LA County. I knew none of this before I left my home to meet with him and his wife other than an estimate of his home value.
When we met, he decided to tell us about his situation. The reason why he was cash rich was because he had taken over $300,000 in cash from a HELOC. He realized a HECM was a better deal and wanted to pay off his first and the HELOC. He already had earmarked about $40,000 of his cash to cover some long-term care costs for his son.
At the time the expected interest rate was 5.75% which was only 0.19% over the floor. He did not want that rate to go up further. Fortunately by the time we closed, the expected interest rate was slightly under the floor so he got more than we had projected.
What I learned from that loan was that if an apparently competent senior is not discouraged by what I saw as bad news, I need to at least try.
Well said Jim. Great points.